Altered 401(k) landscape seen for advisers

More wirehouses and broker-dealer firms have realized that they need to allow their advisers to take on fiduciary services or risk losing them. That was the message of Ward Harris, the new managing director of Rogercasey Inc. based in Darien, Conn. He said that the landscape for advisers has dramatically changed in the 401(k) arena. It’s no longer about sales: Advisers need to be able to offer specialized services to plan sponsors. “The wirehouses will be out of business if they don’t adapt,” he said. Mr. Harris spoke to advisers at the Center for Due Diligence conference in Scottsdale, Ariz, “Transitioning from Salesperson to Businessperson.” Previously, Mr. Harris was founder and chief executive of The McHenry Group LLC, but announced his job change to Rogercasey at the conference. Mr. Harris started his role at Rogercasey today. Rogercasey is an independent consulting firm that serves more than 125 clients from five offices around the United States.